Update Cliq Energy suspends trading pending QA announcement

by **Cals** Mon 23 Mar 2015, 23:10

Update
Cliq Energy suspends trading pending QA announcement

By Fatin Rasyiqah Mustaza / theedgemarkets.com | March 23, 2015 : 5:21 PM MYT

KUALA LUMPUR (March 23): Trading in [size=14]Cliq Energy Bhd ([You must be registered and logged in to see this image.] Financial Dashboard)'s shares will be suspended tomorrow (Tuesday), pending a material announcement that will result in "a significant change in the business direction or policy of the company".

In a filing to Bursa Malaysia, Cliq said the announcement is on "a very substantial transaction as defined in Chapter 10 of the Listing Requirements".

The suspension of trading in its shares will be effective from 9am to 5pm, it added.

According to sources familiar with the company, Cliq Energy (fundamental:0.60; valuation: 0.00) will be announcing its first qualifying acquisition (QA), which will see it graduate from being a special purpose acquisition company effective tomorrow (Tuesday, March 24).

Note that April 2016 is Cliq Energy’s deadline to deliver a qualifying acquisition.

Although the source remained tight-lipped on the proposed QA, The Edge Weekly had previously reported the shell company was eyeing acquisition of one of Jura Energy Corp’s subsidiary, Frontier Holdings Ltd. Frontier has two gas fields — Sara Suri and Kandra — in Pakistan.

Jura Energy is an independent upstream oil and gas company listed on the Toronto Stock Exchange, with oil and gas assets in Pakistan.

Cliq Energy’s shares prior to the suspension reached an intra-day high of 68.5 sen, before settling at 67.5 sen, which gives it a market capitalisation of RM42.9 million.

Year-to-date, the stock saw its highest at 68 sen on March 6, from a low of 62 sen in early January.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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